We get some juicy economic reports this week that might not have a ton of effect on mortgage rates, but will let us know about the state of the housing market and what's going on with economic growth and inflation.
Today we get the April report on house resales, also known as existing home sales. (I don't like the phrase "existing home sales" because there are few sales of nonexistent dwellings.) Tuesday we get the S&P Case Shiller home price index and FHFA's housing price index (both from March) and Wednesday has the report on new home sales in April. Overall, it should give us a nice snapshot of what's happening with home prices and sales in various markets.
Wednesday brings the report for March durable good orders. Thursday has a revised estimate for first-quarter gross domestic product, as well as a related inflation measurement. Friday gives us the week's most important report for mortgage rates: the data on April personal income and spending, with related data on prices. The report on "PCE prices" -- personal consumption expenditures prices -- is among the Federal Reserve's favorite inflation measurements.
If you plan to close on a mortgage within the next three weeks, now is probably a good time to lock a mortgage rate. Rates definitely could drop further, but when they're at their lowest levels in generations, why not lock?
This week's economic reports are unlikely to be as influential on mortgage rates as events in the eurozone.